Forty companies from across Scotland will now participate in the programme.
Forty companies from across Scotland, split into two cohorts, will now participate in the programme. Wholly funded by THF, the programme will see the entrepreneurs go through a combination of online and in-person development programme aimed at accelerating their growth and ability to then move to scale.
The programme will kick off with a core module on fundraising, valuation and cost of capital, then complemented with modules on people planning, leadership, sales and marketing. Board and governance training will be delivered by established THF ScaleUp programme partners including David Sole’s School for CEOs.
Commenting Sir Tom Hunter, founder of THF noted: “When we launched this we did wonder if a gap existed in provision in support of potentially scaling early stage businesses and we got the answer!
“Scaling businesses move the economic dial and the fact our judges deem forty companies with that potential is incredibly positive for Scotland. Indeed those that didn’t qualify this time were either too early stage or pre revenue but showed real promise and we hope to welcome them back in future.
“As a philanthropy we are happy to step in where gaps exist as we have done with our scale-up programmes.”
Judging applications, Ana Stewart — Partner at EOS Advisory — commented: “The quality and depth of ideas from these businesses was very impressive and we see real potential for many of them to go to scale.
“As highlighted in my recent independent report, we must create clear pathways that connect the dots for our early stage entrepreneurs to help them navigate through their journey to growth and this pre-scaler programme does just that.
“Also, I’m delighted to see that 35% of applications were from female-led entrepreneurial businesses with 50% qualifying for the programme.
“This underpins my own analysis that we need to provide more support and enable the ambition of those businesses in a far more proactive manner.”
Evelyn McDonald, CEO of Scottish EDGE, added: “I was delighted to see around 50% of the applications came from Scottish EDGE winners looking to take the next step forward in their business journey.
“Being an entrepreneur is often a lonely business and core to this programme will be peer-to-peer learning and support, precisely what’s often needed for businesses on a growth trajectory.”
Originally up to twenty pre-scaling businesses were to be selected for the first cohort by four judges, Chris van der Kuyl, Principal of Chroma Ventures; Ana Stewart, Partner at EOS Advisory; Evelyn McDonald, CEO of Scottish EDGE and Ewan Hunter, CEO of THF. Two cohorts of twenty will now participate.
Participating entrepreneurs can expect to commit up to five days in total to the programme starting in May this year and concluding in September where they will have the option to pitch to a panel of potential investors.